NEW YORK CITY-Partnering up to originate and purchase commercial real estate debt assets, fund manager Hudson Realty Capital LLC and owner/manager RXR Realty LLC are working together on a new lending platform. The two companies will focus on first-mortgage bridge loans, as well as B notes, mezzanine and preferred equity opportunities in Manhattan, the city’s outer-boroughs, southern Connecticut and Westchester County.

Spencer Garfield, managing director at Hudson, tells GlobeSt.com that joint venture will generally target loans or investments in the amounts between $10 million and $50 million throughout the capital stack -- an area that both companies believe is a significantly underserved segment of the market, particularly for value-add investments, as well as recapitalizations.

“It gets us both into a space that we otherwise wouldn’t be in,” he says, noting that Hudson will have access to a larger playing field. “We’d definitely make investments in the $5 million to $35 million range. We are generally a senior bridge lender. This venture will enable us to get into much larger capital stacks in subordinate positions. For RXR, it allows them to get into the debt space.”